What does profitability mean to you?
In this episode, Mark G. Richardson breaks down what it means to be profitable. Listen and learn 10 proven strategies for investing in your business to sustain long-term growth and profitability.
- Know your numbers – Are you tracking the right metrics?
- Have the right plan – Is your growth rate sustainable?
- Be transparent – Has your entire organization bought into your mission?
- Take on the right clients – Did you know 18% of your clients will not allow you to make a profit?
- Prioritize the right projects – Are you better at servicing particular projects over others?
- Invest in your employees – Are you investing enough in your company’s greatest asset?
- Question your processes – Where can you improve and become more efficient?
- Stay focused – What distractions can you eliminate?
- Monitor – Do you understand and measure performance?
- Make profitability a top priority – Is profitability something you think about every day?
Profit vs. Profitability: There’s a difference!
Profit is an absolute number determined by the amount of income or revenue above and beyond the costs and expenses a company incurs.
Profitability is the metric used to determine the scope of a company’s profit in relation to the size of the business. It’s a measurement of efficiency – and ultimately success or failure.
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